Good evening

I am attending today as Acting Chair as Joe Longo is currently on leave. I am joined tonight by Commissioners Alan Kirkland, Kate O’Rourke and Simone Constant, CEO Scott Gregson and Executive Director for Enforcement and Compliance, Chris Savundra.

As we are likely to be short on time there are three brief matters I want to update the Committee on:

First, ASIC has continued its extensive work in relation to the failures of the Shield and First Guardian Master Funds. In addition to recovering funds of more than $420m for investors, since our last appearance in October last year we have taken a number of further Court actions including against: SQM, the research house responsible for the ratings of the Shield fund; financial advice firms Interprac Financial Planning and MWL, lead generator Imperial Capital Group; and Diversa Trustees Limited, alleging failures concerning the First Guardian Master Fund. Around $300 million was invested into First Guardian through superannuation funds for which Diversa was trustee.

We have also commenced a widespread communications campaign with consumers that may be impacted. We have begun sending further information to the Australians who invested in First Guardian and Shield, including a link to a dedicated consumer website that contains trusted and independent information and support.

Second, in December ASIC obtained multiple commitments from the ASX Group on an important package of reforms including:

• Strengthening the independence and governance of ASX’s Clearing and Settlement Facilities Boards
• A strategic reset of ASX’s transformation program ‘Accelerate’, with clear milestones and accountability for delivery
• The imposition of an additional capital charge to ensure ASX maintains robust financial resources until remediation is complete.
• We note the ASX’s announcement about its CEO yesterday and would reiterate the ASIC Chair’s comments that it is critical ASX’s board has confidence in its senior leadership given the significant work ahead for that organisation to meet the expectations of the market and the public.

Third, I know some members of this Committee have a keen interest in ensuring that those who break our financial services laws are properly held to account, and in recent time we have seen some significant sentences imposed. These include:

• On 30 October 2025 Chris MARCO was sentenced to 14 years imprisonment, with a non-parole period of 12 years, following his conviction on multiple counts of fraud relating to more than $34m misappropriated from investors. The sentence was the highest imposed by an Australian court following an ASIC investigation. We note that Mr Marco is currently appealing his conviction.
• On 7 November 2025, Krishnakumar AGRAWAL was sentenced to four years and ten months imprisonment, with a non-parole period of more than three years, for dishonest use of his position as a director. This matter related to a property group that collapsed owing investors from Sydney’s Indian community over $20m.
• On 22 January 2026, Anthony TORRE was sentenced to six years imprisonment, with four years non-parole, for stealing and fraud related to his clients’ superannuation funds over a five-year period.
• On 23 January 2026, Rodney FORREST was sentenced to six years imprisonment, with three years non-parole, for insider trading offences relating to shares in Platinum Asset Management.

This result reverses a trend of lower custodial sentences for insider trading offences, and the Forrest matter marks the first outcome for ASIC’s new specialist insider trading team which investigated and finalised the case within 16 months of the offending. 

I look forward to taking your questions.